About This Chapter
Project Execution - Chapter Summary
The lessons included in this chapter detail all the relevant information a project manager needs to know when carrying out a project. Expert instructors designed these lessons to flow smoothly and provide useful techniques and descriptions so the material is easily understood and retained. Employees will learn about the execution phase of project management, statements of work and project budgeting, among other concepts. Additional topics discussed in this chapter include:
- Strategies and best practices of working capital management
- Formulating working capital turnover ratio
- Tools and models for decision analysis
- Iterative development model as applied to software
- Applications of singular value decomposition
- Examples of affinity diagrams and nominal group technique
- Relationship skills for project management, including negotiation and conflict resolution
- Tips for prioritizing and time management in PM
- Methods for continuous quality improvement
As each lesson is completed, employees can take advantage of the self-assessment tools available in this chapter, including multiple-choice lesson quizzes and a more comprehensive chapter exam. Supplemental quiz worksheets are printable and can be used to help identify key points while viewing the lessons.
How It Helps
- Develops skills: Multiple concepts in this chapter impart techniques that will help project managers develop or enhance certain skills, including relationship cultivation and management, and prioritization and time management.
- Refers to examples for clarity: Instructors illustrate key points by using examples so employees can see the application of the concepts they're learning.
- Improves quality: Not only will project managers better understand the execution phase of project management after reviewing this chapter, they will also be able to identify techniques for continuous quality improvement specific to their projects.
After studying the information in this informative chapter, project managers will be able to execute a project by:
- Creating a statement of work
- Understanding working capital management and formulating working capital turnover ratio
- Utilizing decision analysis tools
- Applying singular value decomposition, the interactive development model, affinity diagrams and nominal group technique
- Prioritizing, budgeting and managing relationships while executing the project
- Resolving conflicts and using negotiation during the project execution
- Following the process of continuous quality improvement
1. The Execution Phase of Project Management
In this lesson, we'll outline and explain the project execution phase of the project management lifecycle. We'll also discuss an example of how the execution stage is implemented in project management.
2. Statement of Work in Project Management: Definition & Example
Have you ever wondered where a project receives direction on the purpose of the project? The statement of work gives the direction for the project. In this lesson, you will learn what a statement of work is and how it is used.
3. What is Working Capital Management? - Definition & Examples
Have you ever wondered how a company manages its money and pays its bills? Working capital management is how companies are able to manage finances and continue operations.
4. Working Capital Turnover Ratio: Formula & Interpretation
In this lesson, we'll define working capital and discuss the working capital turnover ratio. You'll learn about the ratio's components and how to calculate. We'll also discuss the interpretation of the numbers.
5. Decision Analysis: Models & Tools
Each day we make important decisions, personally and professionally. Often we use decision-making tools without even realizing it. In this lesson, we'll discuss some important models and tools that we can use to improve our decision-making process.
6. Iterative Development Model for Software
The lesson describes one of the models for software development, which uses an iterative method. There are several methods of software development, and each method is chosen based on the type of software.
7. Project Budgeting: Definition & Techniques
Have you ever wondered how a project manager develops a budget? There are a few types of estimating techniques that a project manager can use to develop a budget, and we'll discuss four of them in this lesson.
8. Affinity Diagrams: Definition & Examples
Are you facing a complex project at work, or dealing with conflicting ideas from different groups about a product? Learn the basics of using an affinity diagram, a powerful tool that can bring order from chaos.
9. Nominal Group Technique: Definition & Example
When solving a problem or making a decision, the more individuals that are working together, the better. One of the most effective approaches is the nominal group technique. Learn the definition and see an example of nominal group technique.
10. Relationship Management in Business: Definition & Skills
This lesson provides a detailed understanding of relationship management and its importance to project management as well as looking at a few key skills to help managing business relationships.
11. How to Prioritize in Project Management
In this lesson, you'll learn about the importance of efficient time management and prioritization for successful project management. We will also introduce the techniques for estimating and creating a schedule for a project.
12. Negotiation & Conflict Resolution Skills for Project Management
Many times during a project, a project manager will need to perform negotiations both internally and externally to the organization. Project managers also have to know how to resolve conflict to ensure a high-performing team.
13. What is Continuous Quality Improvement? - Definition, Process & Methodologies
Continuous quality improvement (CQI) is a management philosophy used by organizations to better their processes. In this lesson, you will learn how continuous quality improvement is part of a group's culture, how it benefits an organization, and about one of the most popular methods of implementing CQI.
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